XAUUSD 4 HOUR CHART –
Looking at this chart, clear out the broken lines and it is 2500-2600 (record high), upside exposed as long as it stays above 2550.
To repeat what I posted yesterday:
XAUUSD extended its record high BUT THEN HIT A WALL AT 2600.
Look for support as long it trades above 2500-11 but unlike recent days, there are no stops to go for on the upside unless 2600 is taken out.
If it trades between 2500-2600, then 2550 will set its intra-day bias.
It may be different this time, of course, but the average one-year stock market return after the first Fed rate cut is almost 5% even when a recession occurs. And it’s more than 16% when the cuts come without a recession materialising at all – the most likely scenario now facing investors.(From Reutets article linked to earlier)
XAUUSD 4 HOUR CHART- Post FOMC Whipsaw
XAUUSD extended its record high BUT THEN HIT A WALL AT 2600.
Look for support as long it trades above 2500-11 but unlike recent days, there are no stops to go for on the upside unless 2600 is taken out.
If it trades between 2500-2600, then 2550 will set its intra-day bias.
NAS100 DAILY CHART – 20k OR BUST?
NAS100 finding support by holding above its 200 day mva (yellow) and moving back above its 100 day mva (blue).
On the upside, key resistance is close enough to 20,000 to use this as the level that would need to be taken out to suggest the record high is in play again.
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